0000894189-13-000908.txt : 20130219 0000894189-13-000908.hdr.sgml : 20130219 20130215115502 ACCESSION NUMBER: 0000894189-13-000908 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARIEL INVESTMENT TRUST CENTRAL INDEX KEY: 0000798365 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-07699 FILM NUMBER: 13618188 BUSINESS ADDRESS: STREET 1: 200 EAST RANDOLPH DRIVE STREET 2: SUITE 2900 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3127260140 MAIL ADDRESS: STREET 1: 200 EAST RANDOLPH DRIVE STREET 2: SUITE 2900 CITY: CHICAGO STATE: IL ZIP: 60601 FORMER COMPANY: FORMER CONFORMED NAME: ARIEL GROWTH FUND DATE OF NAME CHANGE: 19931130 0000798365 S000005026 Ariel Focus Fund C000013708 Investor Class ARFFX C000108538 Institutional Class (Class I) AFOYX 0000798365 S000031125 Ariel Discovery Fund C000096535 Investor Class ARDFX C000108539 Institutional Class (Class I) ADYIX 497 1 ariel_cxbrl.htm DEFINITIVE MATERIALS FOR XBRL Unassociated Document

 
Filed Pursuant to Rule 497(c)
1933 Act File No. 33-7699
1940 Act File No. 811-4786
 
 
ARIEL INVESTMENT TRUST

On behalf of Ariel Investment Trust (the “Trust”) and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the definitive form of Prospectus for Ariel Focus Fund and Ariel Discovery Fund, each a series of Ariel Investment Trust, which was filed pursuant to Rule 497(c) on February 1, 2013.  The purpose of this filing is to submit the 497(c) filing dated February 1, 2013 in XBRL for Ariel Focus Fund and Ariel Discovery Fund.
 
The XBRL exhibits attached hereto consist of the following:
 
Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE


 
 
 
 

EX-101.INS 2 ck0000798365-20130201.xml INSTANCE DOCUMENT 0000798365 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member ck0000798365:C000013708Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member ck0000798365:C000108538Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member rr:AfterTaxesOnDistributionsMember ck0000798365:C000013708Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000798365:C000013708Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member ck0000798365:index_SP_500_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000798365 ck0000798365:S000005026_83Member ck0000798365:S000005026Member ck0000798365:index_Russell_1000_Value_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member ck0000798365:C000096535Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member ck0000798365:C000108539Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member rr:AfterTaxesOnDistributionsMember ck0000798365:C000096535Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000798365:C000096535Member 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member ck0000798365:index_SP_500_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000798365 ck0000798365:S000031125_122Member ck0000798365:S000031125Member ck0000798365:index_Russell_2000_Value_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD The Adviser is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Focus Fund's total annual operating expenses to 1.25% of net assets for the Investor Class and 1.00% of net assets for Class I through the end of the fiscal year ending September 30, 2014. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2014. The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments. The Adviser is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Discovery Fund's total annual operating expenses to 1.50% of net assets for the Investor Class and 1.25% of net assets for Class I through the end of the fiscal year ending September 30, 2014. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2014. The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments. ARIEL INVESTMENT TRUST Other false 0000798365 2012-09-30 2013-02-01 2013-02-01 2013-02-01 Ariel Focus Fund ARFFX AFOYX Investment objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Ariel Focus Fund pursues long-term capital appreciation by investing in undervalued companies that show strong potential for growth.</font> </div> Principal risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Although Ariel makes every effort to achieve the Fund&#8217;s objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective.&#160;&#160;You could lose money by investing in this Fund.&#160;&#160;The principal risks of investing in the Fund are:</font> </div> <br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="3%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: wingdings; COLOR: #022847; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: normal">v</font></font></font></font></font></font> </div> </div> </td> <td align="left" valign="top" width="84%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">As the Fund holds relatively few stocks, a fluctuation in one stock could significantly affect overall performance.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="3%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: wingdings; COLOR: #022847; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: normal">v</font></font></font></font></font></font> </div> </div> </td> <td align="left" valign="top" width="97%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Small and medium capitalization stocks held by the Fund could fall out of favor and returns would subsequently trail returns&#160;from the overall stock market.&#160;&#160;The performance of such stocks could also be more volatile.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="3%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: wingdings; COLOR: #022847; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: normal">v</font></font></font></font></font></font> </div> </div> </td> <td align="left" valign="top" width="84%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The general level of stock prices could decline.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.</font> </div> You could lose money by investing in this Fund. Portfolio turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 32% of the average value of its portfolio.</font> </div> 0.32 Principal investment strategy <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Ariel Focus Fund invests primarily in common stocks of companies of any size in order to provide investors access to the best opportunities in companies of all market capitalizations.&#160;&#160;The essence of the Fund&#8217;s strategy is a combination of patience and stock selection.&#160;&#160;The Fund seeks to hold investments for a relatively long period of time&#8212;generally five years.&#160;&#160;&#160;&#160;The Fund invests primarily in high quality companies that are trading at low multiples of their actual or projected earnings.&#160;&#160;The Fund only buys when Ariel believes that these businesses are selling at excellent values.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Quality companies typically share several attributes that Ariel believes will result in capital appreciation over time: high barriers to entry, sustainable competitive advantages, predictable fundamentals that allow for double digit earnings growth, skilled management teams and solid financials.&#160;&#160;Ariel&#8217;s strategy to focus on a limited number of names and industries is designed to add value in areas in which it has expertise.&#160;&#160;We believe this approach creates a portfolio of well-researched stocks.&#160;&#160;As disciplined value investors, we make opportunistic purchases when great companies are temporarily out of favor&#8212;generally seeking to invest in companies that are trading at a low valuation relative to potential earnings and/or a low valuation relative to intrinsic worth.&#160;&#160;We will sell a stock if its valuation reaches our private market value, as determined by the Adviser, if a better opportunity for investment presents itself, or if there are material changes to a company&#8217;s fundamentals.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The Fund does not invest in corporations whose primary source of revenue is derived from the production or sale of tobacco products or the manufacture of handguns.&#160;&#160;We believe these industries are more likely to face shrinking growth prospects, draining litigation costs and legal liability that cannot be quantified.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Ariel Focus Fund is a non-diversified fund, which means that the Fund could own as few as 12 securities in its portfolio, and will generally own 25&#8211;30 securities.</font> </div> Fees and expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The table below describes fees and expenses that you may pay if you buy and hold shares of the Fund.</font><br /> &#160; </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0075 0.0075 0.0025 0.0000 0.0058 0.0054 0.0158 0.0129 -0.0033 -0.0029 0.0125 0.0100 ~ http://usbank.com/20130201/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000798365_S000005026Member row primary compact * ~ ~ http://usbank.com/20130201/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000798365_S000005026Member row primary compact * ~ 2014-09-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The example below illustrates the expenses you would pay on a $10,000 investment in Ariel Focus Fund.&#160;&#160;It assumes the Fund earned an annual return of 5% each year, the Fund&#8217;s operating expenses remain the same and that you redeem your shares at the end of each time period.&#160;&#160;The example reflects contractual fee waivers and expense reimbursements through September 30, 2014.&#160;&#160;The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;Your actual expenses may be greater or less than the amounts shown.</font> </div> 127 432 796 1821 102 350 650 1504 ~ http://usbank.com/20130201/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000798365_S000005026Member row primary compact * ~ Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The bar chart and the table below show two aspects of the Fund: variability and performance.&#160;&#160;The bar chart shows the variability of the Fund&#8217;s Investor Class annual total returns over time by showing changes in the Fund&#8217;s Investor Class performance from year to year.&#160;&#160;The table shows the Fund&#8217;s average annual total returns for certain time periods compared to the returns of the S&amp;P 500 Index, a broad measure of market performance, and indices that reflect the market sectors in which the Fund invests.&#160;&#160;The bar chart and table provide some indication of the risks of investing in the Fund.&#160;&#160;To obtain updated performance information, visit the Fund&#8217;s website at arielinvestments.com or call 800.292.7435.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of its future performance.</font> </div> Total Return for the Year Ended December 31 0.1158 -0.0254 -0.3509 0.3346 0.1113 -0.0521 0.1142 ~ http://usbank.com/20130201/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000798365_S000005026Member row primary compact * ~ Best Quarter: 0.2287 2009-06-30 Worst Quarter: -0.2682 2008-12-31 <table style="width: 193px; height: 44px;" border="1"> <tr> <td> Best Quarter: </td> <td> 2Q '09 </td> <td> +22.87% </td> </tr> <tr> <td> Worst Quarter: </td> <td> 4Q '08 </td> <td> -26.82% </td> </tr> </table> 0.1142 0.0033 0.0210 0.1122 0.0024 0.0191 0.0768 0.0027 0.0176 0.1165 0.0038 0.0213 0.1600 0.0166 0.0462 0.1751 0.0059 0.0379 2005-06-30 2005-06-30 2011-12-30 2005-06-30 ~ http://usbank.com/20130201/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000798365_S000005026Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs).</font> </div> After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance. arielinvestments.com Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs). The bar chart and the table below show two aspects of the Fund: variability and performance. (reflects no deductions for fees, expenses or taxes) 800.292.7435 Average Annual Total Returns As of December 31, 2012 Ariel Discovery Fund ARDFX ADYIX Investment objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Ariel Discovery Fund pursues long-term capital appreciation.</font> </div> Principal risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #403200">Although Ariel makes every effort to achieve the Fund&#8217;s objective of long-term capital appreciation, Ariel cannot</font><font style="DISPLAY: inline; COLOR: #938971">&#160;</font><font style="DISPLAY: inline; COLOR: #403200">guarantee it will attain that objective.&#160;&#160;You could lose money by investing in this Fund.&#160;&#160;The principal risks are:</font></font> </div> <br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="3%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: wingdings; COLOR: #022847; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: normal">v</font></font></font></font></font></font> </div> </div> </td> <td align="left" valign="top" width="86%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Small capitalization stocks held by the Fund could fall out of favor and returns would subsequently trail returns from the overall stock market.&#160; The performance of such stocks could also be more volatile. Small capitalization companies often have less predictable earnings, more limited product lines and markets and more limited financial and management resources.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="3%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: wingdings; COLOR: #022847; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font color="#022847" style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt; FONT-WEIGHT: normal">v</font></font></font></font></font></font> </div> </div> </td> <td align="left" valign="top" width="97%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The general level of stock prices could decline.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.</font> </div> You could lose money by investing in this Fund. Portfolio turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 33% of the average value of its portfolio.</font> </div> 0.33 Principal investment strategy <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Ariel Discovery Fund invests primarily in common stocks of companies with market capitalizations under $2 billion, measured at the time of initial purchase.&#160;&#160;Over time, the market capitalizations for the Fund&#8217;s portfolio companies may change.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The essence of the Fund&#8217;s strategy is a combination of patience and stock selection.&#160;&#160;The Fund seeks to hold investments for a relatively long period of time&#8212;generally five years.&#160;&#160;As long as a portfolio company otherwise meets the Fund&#8217;s investment criteria and style, increased capitalization does not prevent the Fund from holding or buying more shares.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The Fund seeks to invest in companies which trade at low price-to-book ratios and have strong balance sheets.&#160;&#160;The Fund only buys when Ariel believes these businesses are selling at deep discounts to their intrinsic value.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Individual company valuations will be based on assets and/or earnings power.&#160;&#160;Flexibility in determining the proper valuation metric for a given company will be a key component of the Fund&#8217;s strategy.&#160;&#160;We believe this approach creates a portfolio of well-researched stocks.&#160;&#160;The Fund is managed on a dynamic basis as companies which approach fair value are likely to be sold and replaced by those with deeper discounts to intrinsic value.&#160;&#160;The Fund may hold cash when values are difficult to identify.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The Fund does not invest in corporations whose primary source of revenue is derived from the production or sale of tobacco products or the manufacture of handguns.&#160;&#160;We believe these industries are more likely to face shrinking growth prospects, draining litigation costs and legal liability that cannot be quantified.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">Ariel Discovery Fund is a diversified fund that generally will not hold more than 50 securities in its portfolio.</font> </div> Fees and expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The table below describes fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0025 0.0000 0.0393 0.0378 0.0518 0.0478 -0.0368 -0.0353 0.0150 0.0125 ~ http://usbank.com/20130201/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0000798365_S000031125Member row primary compact * ~ ~ http://usbank.com/20130201/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0000798365_S000031125Member row primary compact * ~ 2014-09-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The example below illustrates the expenses you would pay on a $10,000 investment in Ariel Discovery Fund.&#160;&#160;It assumes the Fund earned an annual return of 5% each year, the Fund&#8217;s operating expenses remain the same and that you redeem your shares at the end of each time period.&#160;&#160;The example reflects contractual fee waivers and expense reimbursements through September 30, 2014.&#160;&#160;The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;Your actual expenses may be greater or less than the amounts shown.</font> </div> 153 471 1577 4324 127 394 1428 4032 ~ http://usbank.com/20130201/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0000798365_S000031125Member row primary compact * ~ Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #403200; FONT-SIZE: 10pt">The bar chart and the table below show two aspects of the Fund: variability and performance.&#160;&#160;The bar chart shows the variability of the Fund&#8217;s Investor Class annual total returns over time by showing changes in the Fund&#8217;s Investor Class performance from year to year.&#160;&#160;The table shows the Fund&#8217;s average annual total returns for certain time periods compared to the returns of the S&amp;P 500 Index, a broad measure of market performance, and indices that reflect the market sectors in which the Fund invests.&#160;&#160;The bar chart and table provide some indication of the risks of investing in the Fund.&#160;&#160;To obtain updated performance information, visit the Fund&#8217;s website at arielinvestments.com or call 800.292.7435.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of its future performance.</font> </div> Total Return for the Year Ended December 31 0.1565 ~ http://usbank.com/20130201/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000798365_S000031125Member row primary compact * ~ Best Quarter: 0.1132 2012-03-31 Worst Quarter: -0.0198 2012-12-31 <table border="1"> <tr> <td> Best Quarter: </td> <td> 1Q '12 </td> <td> +11.32% </td> </tr> <tr> <td> Worst Quarter: </td> <td> 4Q '12 </td> <td> -1.98% </td> </tr> </table> 0.1565 0.0217 0.1565 0.0217 0.1017 0.0185 0.1609 0.0238 0.1600 0.0792 0.1805 0.0585 2011-01-31 2011-12-30 2011-01-31 2011-01-31 ~ http://usbank.com/20130201/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0000798365_S000031125Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance. arielinvestments.com The bar chart and the table below show two aspects of the Fund: variability and performance. 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Ariel Discovery Fund | Ariel Discovery Fund
Ariel Discovery Fund
Investment objective
Ariel Discovery Fund pursues long-term capital appreciation.
Fees and expenses of the Fund
The table below describes fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Ariel Discovery Fund
Investor Class
Institutional Class (Class I)
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Maximum sales charge (load) imposed on reinvested dividends none none
Redemption fees none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Ariel Discovery Fund
Investor Class
Institutional Class (Class I)
Management fees 1.00% 1.00%
Distribution and service (12b-1) fees 0.25% none
Other expenses 3.93% 3.78%
Total annual operating expenses [1] 5.18% 4.78%
Less fee waiver or expense reimbursement (3.68%) (3.53%)
Total annual fund operating expenses after fee waiver and/or expense reimbursement 1.50% 1.25%
[1] The Adviser is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Discovery Fund's total annual operating expenses to 1.50% of net assets for the Investor Class and 1.25% of net assets for Class I through the end of the fiscal year ending September 30, 2014. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2014.
The example below illustrates the expenses you would pay on a $10,000 investment in Ariel Discovery Fund.  It assumes the Fund earned an annual return of 5% each year, the Fund’s operating expenses remain the same and that you redeem your shares at the end of each time period.  The example reflects contractual fee waivers and expense reimbursements through September 30, 2014.  The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  Your actual expenses may be greater or less than the amounts shown.
Expense Example Ariel Discovery Fund (USD $)
1-Year
3-Year
5-Year
10-Year
Investor Class
153 471 1,577 4,324
Institutional Class (Class I)
127 394 1,428 4,032
Portfolio turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio.
Principal investment strategy
Ariel Discovery Fund invests primarily in common stocks of companies with market capitalizations under $2 billion, measured at the time of initial purchase.  Over time, the market capitalizations for the Fund’s portfolio companies may change.

The essence of the Fund’s strategy is a combination of patience and stock selection.  The Fund seeks to hold investments for a relatively long period of time—generally five years.  As long as a portfolio company otherwise meets the Fund’s investment criteria and style, increased capitalization does not prevent the Fund from holding or buying more shares.

The Fund seeks to invest in companies which trade at low price-to-book ratios and have strong balance sheets.  The Fund only buys when Ariel believes these businesses are selling at deep discounts to their intrinsic value.

Individual company valuations will be based on assets and/or earnings power.  Flexibility in determining the proper valuation metric for a given company will be a key component of the Fund’s strategy.  We believe this approach creates a portfolio of well-researched stocks.  The Fund is managed on a dynamic basis as companies which approach fair value are likely to be sold and replaced by those with deeper discounts to intrinsic value.  The Fund may hold cash when values are difficult to identify.

The Fund does not invest in corporations whose primary source of revenue is derived from the production or sale of tobacco products or the manufacture of handguns.  We believe these industries are more likely to face shrinking growth prospects, draining litigation costs and legal liability that cannot be quantified.

Ariel Discovery Fund is a diversified fund that generally will not hold more than 50 securities in its portfolio.
Principal risks
Although Ariel makes every effort to achieve the Fund’s objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective.  You could lose money by investing in this Fund.  The principal risks are:

v
Small capitalization stocks held by the Fund could fall out of favor and returns would subsequently trail returns from the overall stock market.  The performance of such stocks could also be more volatile. Small capitalization companies often have less predictable earnings, more limited product lines and markets and more limited financial and management resources.

v
The general level of stock prices could decline.

You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.
Performance
The bar chart and the table below show two aspects of the Fund: variability and performance.  The bar chart shows the variability of the Fund’s Investor Class annual total returns over time by showing changes in the Fund’s Investor Class performance from year to year.  The table shows the Fund’s average annual total returns for certain time periods compared to the returns of the S&P 500 Index, a broad measure of market performance, and indices that reflect the market sectors in which the Fund invests.  The bar chart and table provide some indication of the risks of investing in the Fund.  To obtain updated performance information, visit the Fund’s website at arielinvestments.com or call 800.292.7435.  The Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance.
Total Return for the Year Ended December 31
Bar Chart
Best Quarter: 1Q '12 +11.32%
Worst Quarter: 4Q '12 -1.98%
Average Annual Total Returns As of December 31, 2012
Average Annual Returns Ariel Discovery Fund
Average Annual Returns, 1-Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Investor Class
15.65% 2.17% Jan. 31, 2011
Institutional Class (Class I)
[1] 16.09% 2.38% Dec. 30, 2011
After Taxes on Distributions Investor Class
15.65% 2.17%  
After Taxes on Distributions and Sale of Fund Shares Investor Class
10.17% 1.85%  
S&P 500® Index (reflects no deductions for fees, expenses or taxes)
16.00% 7.92% Jan. 31, 2011
Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes)
18.05% 5.85% Jan. 31, 2011
[1] The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments.
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